DryShips Inc. Announces Filing of Form F-1 Registration Statement for Planned Spin Off of Its Gas Carrier Business
February 08 2018 - 8:45AM
DryShips Inc. (NASDAQ:DRYS) ("DryShips" or the "Company"), a
diversified owner of ocean going cargo vessels, announced today
that its wholly owned subsidiary, Gas Ships Limited Inc., ("Gas
Ships Limited") has filed a registration statement on Form F-1 with
the U.S. Securities & Exchange Commission. The filing relates
to the Company's spin off of its gas carrier business from the
Company. In the spin-off, DryShips will distribute to holders
of its common stock 49% of the issued and outstanding shares of Gas
Ships Limited's common stock. Following the spin-off, Gas Ships
Limited will be a publicly-traded company, and DryShips will retain
a 51% ownership interest in Gas Ships Limited.
Mr. George Economou, the Company's Chairman and Chief Executive
Officer, commented:
"The filing of the Form F-1 Registration Statement is an
important step in the process of establishing Gas Ships Limited as
a new, stand-alone company with its own strategic focus,
independence and priorities. We believe that this business is
well-positioned for success as a separate company."
A copy of Gas Ships Limited's initial Form F-1 Registration
Statement, which contains financial and other information regarding
Gas Ships Limited and the spin-off, is available at www.sec.gov.
The initial Form F-1 Registration Statement may be subsequently
amended to provide further information regarding Gas Ships Limited
and the spin-off prior to its completion.
The spin-off is subject to certain conditions, including the
effectiveness of Gas Ships Limited's Form F-1 registration
statement and final approval and declaration of the distribution by
DryShips' Board of Directors. DryShips may, at any time until the
closing of the spin-off, decide to abandon, modify or change the
terms of the spin-off.
About DryShips Inc.The Company is a diversified
owner of ocean going cargo vessels that operate worldwide. The
Company owns a fleet of 35 vessels comprising of (i) 12 Panamax
drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5
Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2
Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas
Carriers and (viii) 6 offshore support vessels, including 2
platform supply and 4 oil spill recovery vessels.
DryShips' common stock is listed on the NASDAQ Capital Market
where it trades under the symbol "DRYS."
Visit the Company's website at www.dryships.com
Forward-Looking Statement
Matters discussed in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business. The Company
desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with such safe harbor
legislation.
Forward-looking statements reflect the Company's current views
with respect to future events and financial performance and may
include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other
statements, which are other than statements of historical
facts.
The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's examination
of historical operating trends, data contained in the Company's
records and other data available from third parties. Although the
Company believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond the Company's control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections.
Important factors that, in the Company's view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the factors related to the
strength of world economies and currencies, general market
conditions, including changes in charter rates, utilization of
vessels and vessel values, failure of a seller or shipyard to
deliver one or more vessels, failure of a buyer to accept delivery
of a vessel, the Company's inability to procure acquisition
financing, default by one or more charterers of the Company's
ships, changes in demand for drybulk or LPG commodities, changes in
demand that may affect attitudes of time charterers, scheduled and
unscheduled drydockings, changes in the Company's voyage and
operating expenses, including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations,
changes in the Company's relationships with the lenders under its
debt agreements, potential liability from pending or future
litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents,
international hostilities and political events or acts by
terrorists.
Risks and uncertainties are further described in reports filed
by DryShips Inc. with the Securities and Exchange Commission,
including the Company's most recently filed Annual Report on Form
20-F. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, except as required by law.
If one or more forward-looking statements are updated, no inference
should be drawn that additional updates will be made.
Investor Relations / Media:Nicolas
BornozisCapital Link, Inc. (New York)Tel. 212-661-7566E-mail:
dryships@capitallink.com
DryShips (NASDAQ:DRYS)
Historical Stock Chart
From Mar 2024 to Apr 2024
DryShips (NASDAQ:DRYS)
Historical Stock Chart
From Apr 2023 to Apr 2024